Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

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<ul><li>Despite Colombia facing challenges growing oil &amp; gas reserves on a national level, the country’s independent operators are scaling up.</li><li>Relative to the size of national oil &amp; gas reserves, Colombia's onshore discoveries in recent years may look marginal at best.</li><li>However, the size of the discoveries can be meaningful for smaller operators.</li></ul>

Despite Colombia facing challenges growing oil &amp; gas reserves on a national level, the country’s independent operators are scaling up.Relative to the size of national oil &amp; gas reserves, Colombia's onshore discoveries in recent years may look marginal at best.However, the size of the discoveries can be meaningful for smaller operators.

Oil & Gas Operators Guiding for Bottom-Up Growth Despite Colombia's Top-Down Challenges

Equity Capital Markets and Advisory Business, Auctus Advisors

Auctus Advisors

Equity Capital Markets and Advisory Business

Auctus Advisors is a specialist Equity Capital Markets and Advisory business with a focus in the Energy Sector. The partners have complementary skill sets, with decades of experience across Equity Capital Markets, Investment Banking and the Energy industry. We have worked at Société Générale, Canaccord Capital, BMO Capital Markets and Schlumberger. Most recently we have worked together for many years at GMP FirstEnergy. Auctus has been set up at the beginning of a new decade in which we see significant opportunities in the Energy space. Globally, demand for energy is at record levels and continues to grow. Conversely, investment in traditional energy sources has been severely constrained. We believe this imbalance creates opportunities for both companies and investors. Auctus provides Corporate Broking, Equity Research and Investment Banking services.

<ul>
<li>Chariot (CHAR LN)C; target price of £0.50 per share: Receiving EIA approval for onshore drilling in Morocco – Chariot has received approval for its EIA for a total of 20 well at Loukos, onshore Morocco.</li>
<li>The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re-entry of an existing gas discovery.</li>
<li>Operations are expected to start at the end of 1Q24 as indicated previously.</li>
</ul>


Chariot (CHAR LN)C; target price of £0.50 per share: Receiving EIA approval for onshore drilling in Morocco – Chariot has received approval for its EIA for a total of 20 well at Loukos, onshore Morocco.
The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re-entry of an existing gas discovery.
Operations are expected to start at the end of 1Q24 as indicated previously.


<ul>
<li>ADX Energy (ADX AU) C ; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling.</li>
<li>ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospect during 2H24.</li>
<li>ADX also announced that the farm-out agreement with MCF Energy regarding Welchau has been amended. </li>
</ul>


ADX Energy (ADX AU) C ; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout – The farm-out of 50% economic interest in a part of the ADX-AT-I licence has been completed and ADX has received EUR0.45 mm from MND for back costs payments. MND will fund EUR4.5 mm for exploration drilling.
ADX and MND currently intend to drill either the LICHT or the IRR gas exploration prospect during 2H24.
ADX also announced that the farm-out agreement with MCF Energy regarding Welchau has been amended. 


Equity Bottom-Up

<ul><li>________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.</li><li>Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).</li><li>We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.</li></ul>

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by YE23 – ADX is expected to start drilling the Anshof-2 appraisal well in November.Anshof is also estimated to hold 5.5 mmboe net 3C contingent resources (net to ADX).We have changed our target price to A$0.80 per share as we incorporate the recently announced 10 for 1 share consolidation.

<ul>
<li>ADX Energy (ADX AU)C : target price of A$0.08 per share: Transaction with MND receives Austrian Ministerial acceptance – ADX has received clearance from the ministry of finance in Austria for the partnership documentation between ADX, MND and Xstate Resources.</li>
<li>This was a key condition precedent to completing the transaction.</li>
<li>The transaction will provide funding for the drilling of key wells at Anshof that are expected to add reserves and production. </li>
</ul>


ADX Energy (ADX AU)C : target price of A$0.08 per share: Transaction with MND receives Austrian Ministerial acceptance – ADX has received clearance from the ministry of finance in Austria for the partnership documentation between ADX, MND and Xstate Resources.
This was a key condition precedent to completing the transaction.
The transaction will provide funding for the drilling of key wells at Anshof that are expected to add reserves and production. 


Canada

Canacol Energy Limited is an international junior energy company with production and exploration operations located in South America. The Company's operations are focused in Colombia, with operations also in Ecuador.

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Canacol Energy (CNE CN)

Oil & Gas Operators Guiding for Bottom-Up Growth Despite Colombia's Top-Down Challenges

Despite Colombia facing challenges growing oil & gas reserves on a national level, the country’s independent operators are scaling up.

Water Tower Research

AUCTUS ON FRIDAY - 09/02/2024

The approval covers the initial drilling campaign of two exploration wells (Gaufrette and Dartois) as well as 17 further well locations and the re...

Auctus Advisors

Auctus on Friday - 12/01/2024

ADX Energy (ADX AU) C ; target price of A$0.65 per share: Closing new farm-out transaction with MND/Amendment of agreement for Welchau farmout

Auctus Advisors

Auctus on Friday - 20/10/2023

________________________________________ ADX Energy (ADX AU)C; target price of A$0.80 per share: Two high impact wells to commence drilling by...

Auctus Advisors

Auctus on Friday - 08/09/2023

DX has received clearance from the ministry of finance in Austria for the partnership documentation between ADX, MND and Xstate Resources.

Auctus Advisors

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